Irish mining company looks at stock market listing, European expansion

IRISH mining company, Belmore Resources — which co-owns a 350sq km zinc, lead and silver prospect in Co Clare — is sizing up expansion opportunities in mainland Europe and could consider a stock market listing in Dublin in the longer term.

The Dublin-headquartered company has a joint venture agreement with Swedish mining company, Lundin Mining, on its Clare asset — the deal meaning that upon its full agreed investment of €14.7m, by 2016, Lundin will acquire a 70% share of the licences. Part of that investment has already been made; marking the Swedish company’s return to the Irish market, after it closed the Galmoy zinc mine in Co Kilkenny last year.

Belmore’s management — the company is headed up by former Bula Resources man, Pat Mahony and chairman Ian Forrest — recently entered into negotiations concerning a joint venture prospect in central Europe; a process which is currently on hold pending the outcome of a dispute between the two authorities involved in the award of the relevant permits.

The Irish company raised over €300,000 through a private share placing, late last year, in order to fund its part of the joint venture and is currently awaiting approval for the plan.

Mr Mahony said Belmore’s main focus is on the Co Clare prospect but the company is constantly looking at new licence opportunities both in Ireland and overseas and will continue to do so.

Belmore — which last year posted a pre-tax loss of €92,434 (up from a loss of €77,322 for the previous year) has been listed on the London-based PLUS stock exchange for small-to-medium cap companies since 2005. A secondary listing on Dublin’s small-cap exchange, the IEX, could be considered in the mid to long term in a bid to increase the company’s shareholder base in Ireland.

The Plus listing raised £500,000 which the company then put into drilling activity in Co Clare. Eighteen months ago Belmore announced strong results from initial drilling.